Arab Finance: The ordinary as well as extraordinary general meetings of Housing and Development Bank (HD Bank) approved increasing the authorized capital to EGP 30 billion from EGP 10 billion, as per a bourse disclosure.
The lender will also raise its issued and paid-up capital from EGP 5.313 billion to EGP 10.626 billion.
HD Bank will issue 531.3 million in bonus shares, with a nominal value of EGP 10 per share, equivalent to one bonus share for each original share before the increase.
In the first quarter (Q1) of 2026, the lender posted a 13.3% year-on-year jump in consolidated net profit after tax to EGP 5.621 billion, compared to a profit of EGP 4.959 billion.
Moreover, the standalone net profit after tax rose by 7.4% YoY to EGP 5.179 billion in Q1 2026 from EGP 640 million.
